Let me spell this out for everyone:
The fact that China wants the world to use the Yuan as the reserve currency, and not the US Dollar, is de facto signaling that it will be backing the Yuan with Physical Gold.
China's (and Russia's) position is that the US Dollar is backed… https://t.co/SqvvHfLsyj
— Vinny Lingham (@VinnyLingham) February 1, 2026
What Xi Actually Said
Across several articles published in Qiushi (the Communist Party’s top theoretical journal), Xi Jinping stated that China must:
- Build a “strong currency”
- Expand the yuan’s use in international trade, investment, and foreign‑exchange markets
- Push the yuan toward global reserve status
- Reduce China’s reliance on the U.S. dollar in global transactions
He did not always mention the dollar directly, but the intent — challenging dollar dominance — is clear.